How Ethereum and 0xBTC Expand upon ‘Bitcoin’
Excerpt from the Ethereum Whitepaper:
Satoshi Nakamoto’s development of Bitcoin in 2009 has often been hailed as a radical development in money and currency, being the first example of a digital asset which simultaneously has no backing or “intrinsic value” and no centralized issuer or controller. However, another, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly starting to shift to this other aspect of Bitcoin.
Ethereum as a network intended to expand upon the consensus mechanisms and blockchain technology of Bitcoin. It was controversial because it used a brand new Altcoin named ‘ETH’ to extend this technology, meaning that existing ‘BTC’ would not be recognized in the network. A painful but necessary change.
As Ethereum intended to extend the experiment that is bitcoin’s distributed consensus technology, 0xBitcoin seeks to extend the experiment that is bitcoin’s deterministic supply, mathematic self-auditing & neutral inception of supply, and immutable zero-human-control codebase. 0xBTC is doing this inside of Ethereum and in this way, extending even more properties of Bitcoin into the EVM world. Again, like the Ethereum experiment, the original ‘BTC’ supply could not be used and a new coin supply had to be created. A painful but necessary change.
Synthetics like WBTC do not follow the properties of Bitcoin that the Ethereum Whitepaper describes since WBTC is controlled by a central entity, a central bank named BitGo whose keys manage the supply. This directly opposes the core values and truths of the Bitcoin philosophy.
Bitcoin as an original supply will always be the genesis meme. like Autoglyphs, the first of its kind and the golden supply of digital numeric ledger entries. At the same time, its attributes including its trustlessness, immutability, and provably fair distribution via math are so interesting and can do so much more !! That is why we build upon them with these experiments. Never forget your past, and also forge ahead and build.
